https://www.youtube.com/watch?v=O3ZecHMoCGA

According to Karen Jones, Head of FICC Technical Analysis Research at Commerzbank, the pair could attempt a test of the 102.30 area.

Key Quotes

“USD/JPY is failing at the September high at 104.32 – we noted the divergence of the daily RSI, and the slow stochastics, which are rolling over and currently the market is under pressure to ease back towards the base of the cloud at 102.30. This is reinforced by the 55 day ma at 102.11”

“Above 104.63 targets the May low at 105.55.We suspect that this will hold the initial test as we note the weekly imoku 2 lies 105.45 (cloud resistance)”.